Australian Securities Exchange (ASX) listed CoAssets after the latter raised a whopping A$6.55 million (S$6.72 million) on its initial public offering (IPO). This has an issue price of A$0.40 per share.
The Singapore-based real estate and debt crowdfunding platform was previously listed on the National Stock Exchange (NSX). Now, CoAssets has a market capitalisation of about A$66 million on ASX.
CoAssets stated that the Australian market has the value they need to expand their business in the Asia-Pacific region and drive investor awareness about crowdfunding. They will use the funds collated from marketing, managing intellectual property (IP) and product development to boost their existing platform. All of these will be managed and supervised in a Singaporean headquarters.
According to CEO and co-founder of CoAssets Getty Goh, “Singapore has been a great platform for our expansion since launch. We are ready to take the next step as a listed company and continue to drive value for our customers and shareholders. Today, we announce our listing on the ASX and notch a significant milestone for both economies, as the first crowdfunding company to list in Australia.”
CoAssets was founded in 2013 and soon became the largest crowdfunding platform in Southeast Asia. It specializes on debt crowdfunding for real estate and small to medium-sized enterprises. The funding range is around S$100,000 to S$5,000,000.
Getty also revealed that their business grew from two-person start-up to 65-strong. The platform takes advantage of concerns regarding weak economy to grow its pipeline of opportunities and be known across the region ahead of its competitors.
CoAssets held co-sponsorship events with the Property Council of Australia to promote real estate and SME crowdfunding. Plans to establish a Wholesale global debt opportunities fund are also in plan. This will help those that fall outside the reach of its current platform.
In a press statement, Getty Goh also said, “Our mission is for CoAssets to become one of the most trusted and leading crowdfunding companies in Asia Pacific.”